To The Moon

Here are Tuesday’s biggest calls on Wall Street:

Morgan Stanley reiterates Apple as overweight

Morgan Stanley said Microsoft is a long-term threat to Apple that’s worth watching.

“We believe a potential MSFT app store would be an immaterial risk to AAPL at just 3% of App Store revs and <1% of Apple’s total revs/EPS. However, MSFT’s strong brand and tech leadership still represents a potential long-term threat to keep watching.

Morgan Stanley upgrades Meta to overweight from equal weight

Morgan Stanley said it sees a more “structurally” disciplined company.

“META’s structural pivot focusing on efficiency and ROIC, improving revenue and engagements trends, surging Reels monetization and 3 further revenue call options (AI, subscriptions, click-to-message) turn us OW.”

Bank of America reiterates Amazon as buy

Bank of America said it likes the “efficiency improvements” from Amazon after the e-commerce giant announced layoffs on Monday.

“Across all corporate functions, if we assume average compensation of $180k, we est. $1.6bn in incremental annualized savings.”

Stifel resumes Alphabet as buy

Stifel resumed coverage of the stock with a buy and says it’s still bullish on Alphabet shares.

“We don’t expect the public as a whole to change their daily habits regarding search behavior (Google is a verb, at least today).”

Loop reiterates Best Buy as buy

Loop said it’s standing by the stock for the long term.

“While we continue to have a cautious view on Best Buy’s near-term fundamentals, we have a bullish long-term outlook—particularly given the company’s extensive history of exceeding consensus earnings expectations.”

DA Davidson reiterates Roblox as buy

DA Davidson said Roblox has an “underappreciated” opportunity in AI.

“Generative AI opportunity currently underappreciated.”

Morgan Stanley reiterates Exxon as overweight

Morgan Stanley said it likes the oil and gas giant’s robust “competitive positioning.”

“XOM’s strong FCF profile is supported by an advantaged portfolio of high return growth projects.

DA Davidson upgrades New York Community Bancorp to buy from neutral

DA Davidson said it likes the regional bank’s acquisition of Signature.

“NYCB is acquiring certain assets & liabilities from Signature Bridge Bank; accelerating its transformation to a more commercial bank like structure, by lowering the loan to deposit ratio to under 100% and increasing C&I loans, while lowering its concentration in multifamily loans.”